![]() ![]() In turn, it's created record rate conditions for CD shoppers, as well as for anyone holding cash in a high-yield savings or money market account. That raises the benchmark rate to its highest level since 2001. On July 26, the Fed bumped rates for the 11th time in 12 meetings, taking the cumulative increase to 5.25%. The Fed has been aggressively combating decades-high inflation since March of last year, with fast-and-furious 2022 hikes to the federal funds rate, and then easing to more moderate increases in 2023. ![]() So always be sure to shop every certificate type before making a final decision. ![]() Since the APY of a CD account is fixed, your savings won’t be affected. Though today's best jumbo offers, which typically require a deposit of $100,000 or more, beat the best standard rates in six CD terms, you can do just as well or better in the other two terms with a standard CD. You may also opt for a short-term CD if you predict falling interest rates. Despite the suggestion that a larger deposit entitles you to a higher return, that's not always the case for jumbo certificate rates, which often pay less than standard CDs. ![]()
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